ANCHORAGE, Alaska, Oct. 3, 2008 (GLOBE NEWSWIRE) -- The board of directors of Northrim BanCorp, Inc. (Nasdaq:NRIM) today declared a quarterly cash dividend of $0.17 per common share, payable October 31, 2008, to shareholders of record at the close of business on October 20, 2008. At this quarterly dividend rate, the annual dividend is $0.68 per share, providing a current yield in excess of 4% at recent market prices.
"We have consistently paid a regular cash dividend since 1995, and we view this as an excellent means of building shareholder value and rewarding our loyal shareholders," said Marc Langland, President and CEO. "We continue to be profitable and maintain capital levels in excess of the requirements for a well capitalized bank."
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, a commercial bank that provides personal and business banking services through locations in Anchorage, Eagle River, Wasilla, and Fairbanks, Alaska, and an asset based lending division in Washington. The bank differentiates itself with a "Customer First Service" philosophy. Affiliated companies include Elliott Cove Capital Management, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.
The Northrim BanCorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3818